The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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Doug R

To: Magnatizer who wrote (71599)	8/19/2023 11:39:17 AM
From: Magnatizer	1 Recommendation Read Replies (1) of 79444

Weekly Key supports in testing mode. I'm rebuilding the long side with a long way to go until it's full. Failures to hold here on most indexes triggers a downside of another several % points. All told, most everything looks like it's about to crack which tells this contrarian, start buying, gulp then breath. DJI Not liking that it couldn't touch the top of the red uptrend channel before coming back for a test. I had to go long the retest of the Quarters cross bar high. A move north off of it should be strong and hard to catch, if it's lost, the next downside target is the bottom of the Quarter cross bar horizontal, 32586. SPX Warning signs on the turn from the top include losing the most recent uptrend channel and failure to push CCC 55 over 200 (hit 199). Bulls simply ran out of gas. The retest of this cross bar horizontal is logical but not necessary to happen right after it tried to break away. NDQ Coming off the quad wiggle Lost touch with nearly all of the new uptrends Cross coming mid Sept which is best to see sideways/down into for bulls All told, I'm most nervous in short term for the NDQ than any of the majors. RUT Similar story here. Did not need to return to test the supports SOX much of the same TRANS ditto ME Just hanging on the beach waiting for another pina colada

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